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Dec 22, 2012
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trying to address the tax issue, i thought, was important to do it now, so that we do not have taxes go up on every american and hurt our economy. >> [inaudible] >> listen, there was a perception created that that vote last night was going to increase taxes. i disagree with that characterization of the bill, but that impression was out there. we had a number of our members who just really did not want to be perceived as having raised taxes. that was the real issue. one of my colleagues the other night had an analogy of 100 people drowning in a pool, and that he was a lifeguard. because he could not save any of them, does that mean that he should not have done anything? his point was, if i can go in there and save 99 people that are drowning, that is what i should do as a lifeguard. but the perception was out there and a lot of our members did not want to deal with it. >> [inaudible] are you willing to pass a bill [inaudible] >> we have passed a bill and is sitting in the senate. we passed a bill to deal with the sequester. what we were trying to do this week was to basically jumpstar
trying to address the tax issue, i thought, was important to do it now, so that we do not have taxes go up on every american and hurt our economy. >> [inaudible] >> listen, there was a perception created that that vote last night was going to increase taxes. i disagree with that characterization of the bill, but that impression was out there. we had a number of our members who just really did not want to be perceived as having raised taxes. that was the real issue. one of my...
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Dec 29, 2012
12/12
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as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately only president obama is the one man that can sign a bill into law and without him agreeing to sign a bill everybody's taxes go up. we are in a position of how do we limit the damage and i think the best way of doing that is continue to talk about what we need to do is grow the economy and that is something president obama hasn't shown any interest in doing. certainly hasn't concentrated on it in his first term. >> sean: and senator toomey, it is a little frustrating as we watch this frankly reckless irresponsible political positioning go
as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately...
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Dec 27, 2012
12/12
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republicans can vote for a tax cut. democrats are in a stronger position because they have more tax cuts that they want. i would get familiar with the phrase the last train leaving the station which is always the last bill coming off capitol hill before the session ends. this gets chalked up with a lot of stuff. it could even be monday. senate has a last train leaving the station. mcconnell decides not to block amendments, gets to the floor of the senate, gets to the floor, gets passed. i don't think it's unreasonable to think that can conceivably happen. >> mike, we don't have a lot of time, but do you see that as being reasonable that mcconnell would go down that route? >> mcconnell, i don't great with steve. i've had january 10th in the pool for quite some time as the day they come to an agreement. i think the question is will the republicans have any leverage at that point to get the spending cuts and entitlement reforms that were on the table before they're going to give up their leverage? and .i think they're goin
republicans can vote for a tax cut. democrats are in a stronger position because they have more tax cuts that they want. i would get familiar with the phrase the last train leaving the station which is always the last bill coming off capitol hill before the session ends. this gets chalked up with a lot of stuff. it could even be monday. senate has a last train leaving the station. mcconnell decides not to block amendments, gets to the floor of the senate, gets to the floor, gets passed. i don't...
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Dec 28, 2012
12/12
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but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why are they so in sis ten we raise tacks on someone? >> do you get the idea there's a discussion going on in the senate. i turn on the tv and different senators are taking to the floor and he they are speaking 209 other senators that might be there or the american people but what about in the halls of the u.s. senate? are people talk and negotiating, trying to work on solutions? >> the way it's been set up is for a few people in leadership, and i always joke i have to ask people in the media what's going on with the fiscal cliff thing because we don't
but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why...
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Dec 28, 2012
12/12
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john boehner could not even pass a tax proposal that he suggests over there where he would keep the taxes the same for everybody except people making over a million dollars a year. no, grover and the boys said no, you can't do that. so he didn't even bring it up for a vote. so i am here, i'm happy to listen to anything the speaker and the republican leader have. they have a way of getting the president, they don't need my help, i'm happy to work with them any way i can, but the way things have been going, it's not a real good escape hatch they have. they are out of town now. they will be back for two days, 48 hours, so that's where we are. Ñ k;e,e,hkaeÑ k;e,e,hkae two-thirds who starred at the four-year institution finish there. to the extent they are relying on debt to make college more affordable, they need the evidence to back it up. if the students were to hear that two-thirds of the students from this college or going to graduate or drop out with more debt than they can afford to pay, they might walk to a college that is less problematic on equal measure. but what is needed is not
john boehner could not even pass a tax proposal that he suggests over there where he would keep the taxes the same for everybody except people making over a million dollars a year. no, grover and the boys said no, you can't do that. so he didn't even bring it up for a vote. so i am here, i'm happy to listen to anything the speaker and the republican leader have. they have a way of getting the president, they don't need my help, i'm happy to work with them any way i can, but the way things have...
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Dec 27, 2012
12/12
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they didn't even want millionaires to have any increase in taxes. those fanatics, being as fa nat cal as they are, might not even do what most of us assume they would do if we went over the curb and eventually come around. in other words, even the republicans as a whole are taking a shellacing in the polls, individual republicans, when they go back to their districts, they're most worried about being attacked from the right, having a primary challenger in 2014 from the right. so it's not exactly clear right now that the democrat strategy which i have been touting and you have been touting and most of us assume will be the strategy if we go over the curb, that is, come up with a bill that provides a middle class tax relief retroactive to the first of january, it's not 100% sure that's going to work any longer now that we know now fanatical the fanatics are. >> john, tell me how the republicans who refuse to go on with the boehner plan b could somehow, between now and new year's eve, go along with something else that was possibly less attractive to th
they didn't even want millionaires to have any increase in taxes. those fanatics, being as fa nat cal as they are, might not even do what most of us assume they would do if we went over the curb and eventually come around. in other words, even the republicans as a whole are taking a shellacing in the polls, individual republicans, when they go back to their districts, they're most worried about being attacked from the right, having a primary challenger in 2014 from the right. so it's not...
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Dec 25, 2012
12/12
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i got a kick out of thigh 2, the question of the, should we tax the richmore. >> yes. >> no. >> i think she goes on instinct, but he understands economy. >> i wish them luck. >> my bottom line if we keep you voting for politicians that want to pass more laws and raise more taxes, and spend more money, the result will be a country governed by piecemeal social implemensocialism,biggest leaves prosperous and less free, being realistic means we have to fight our instinct. that is our show, thanks for watching. watching. good night with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity opon.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account.
i got a kick out of thigh 2, the question of the, should we tax the richmore. >> yes. >> no. >> i think she goes on instinct, but he understands economy. >> i wish them luck. >> my bottom line if we keep you voting for politicians that want to pass more laws and raise more taxes, and spend more money, the result will be a country governed by piecemeal social implemensocialism,biggest leaves prosperous and less free, being realistic means we have to fight our...
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Dec 27, 2012
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and all tax rates will go up on income tax and estate taxes and all the bad stuff will happen and how she's good politics. >> look, politicians are creatures of narrow self-interest, from the self-interested standpoint of a republican house member from a safe district who fears a primary challenge, yes, it's better for them to wait three days, cast -- go over the cliff, cast a vote to cut taxes, and basically screw all the people who are going to be affected by it preserving their own jobs than it is to agree to a tax increase now and risk the wrath of the tea party right two years from now. >> chris, let me ask you about another possible, i hope it doesn't happen. next tuesday or next wednesday when the market reopens on january 2nd and they fully realize at that point that this cliff has been gone over and the congress has failed to meet its own targets which it set itself when it set this cliff up, who will pay the price if say the market drops 500 or 1,000 points and keeps dropping for two or three days and that creates the chances for a second dip, a second recession. who will be
and all tax rates will go up on income tax and estate taxes and all the bad stuff will happen and how she's good politics. >> look, politicians are creatures of narrow self-interest, from the self-interested standpoint of a republican house member from a safe district who fears a primary challenge, yes, it's better for them to wait three days, cast -- go over the cliff, cast a vote to cut taxes, and basically screw all the people who are going to be affected by it preserving their own...
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Dec 29, 2012
12/12
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people making 40 to $65,000 get a $2,000 tax hike and anyone, would see a $14,000 tax bump. where else would americans see the sting? talk to me about medicare and unemployment benefits. >> this whole metaphor we've been using about a fiscal cliff probably isn't the right one to be used. after all, if you go over a cliff, you usually don't get to live to tell about it unless you're batman or spider-man, but there are things that actually would happen right away and one of those things that would be right away in a negative impact would be unemployment benefits and 2 million americans would see the unemployment benefits and that would hurt the economy and that would hurt these people that are relying on this and the unemployment insurance has been seen as economic stimulus to get hands into the money of people who need it and they were things that actually get spread over the course of 2013 if there is no fix that is actually done and it is possible for congress to go back and fix things and talking about the increase of tax rates and there will also be spending cuts to gover
people making 40 to $65,000 get a $2,000 tax hike and anyone, would see a $14,000 tax bump. where else would americans see the sting? talk to me about medicare and unemployment benefits. >> this whole metaphor we've been using about a fiscal cliff probably isn't the right one to be used. after all, if you go over a cliff, you usually don't get to live to tell about it unless you're batman or spider-man, but there are things that actually would happen right away and one of those things...
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Dec 28, 2012
12/12
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the payroll taxes is going away. making sure that -- things like unemployment insurance, huge stimulus for the economy, one of the highest multipliers, if that was gone we would have -- you know, we would be dumping back into another recession the president is a fan of abraham lincoln but creating a civil war is hyperbolic even for charles krauthammer. where is that guy? can we sign him up? where is he lurking now? the reality is this man has been willing to compromise to the chagrin of those progressives on and on the left so much of the political capital he's generated as a result of his re-election, again, in deference to the common good. he's looking out for the american people but the problem is here that the republicans to -- borrow the phrase here, at gunpoint. literally have us with -- if we want assault bans, let's ban the assault of the right-wing element of the conservative party against president obama by holding hostage american interests here. >> they got enough of that last year and clearly haven't. >>
the payroll taxes is going away. making sure that -- things like unemployment insurance, huge stimulus for the economy, one of the highest multipliers, if that was gone we would have -- you know, we would be dumping back into another recession the president is a fan of abraham lincoln but creating a civil war is hyperbolic even for charles krauthammer. where is that guy? can we sign him up? where is he lurking now? the reality is this man has been willing to compromise to the chagrin of those...
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Dec 30, 2012
12/12
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the new york times is why the economy needs tax reform. tax reform done right. higher taxes raise progressively. caller: i cannot understand why it is the bureaucrats are able to control all the american citizens. i think there ought to be term limits. if they do not do their job why don't me through all of them out and appoint somebody? they are the ones that get the point slip. the epa is pushing along. they have this right here just a few miles from me. every bit of pork barrel spending there is, their pensions would be cut. they would have to have the statements to push down the american people consider having a set of rules for them. all this does is make it harder on the middle-class. i see this every day in the east door. the government is spending all the money. host: a lot of frustration. guest: it is not always fraud and abuse. we have a deficit of $1 trillion in a budget that is about $1 trillion. we are not going to balance the budget. a lot of what your suggestion are changes in the constitution. the elected representatives are largely doing what th
the new york times is why the economy needs tax reform. tax reform done right. higher taxes raise progressively. caller: i cannot understand why it is the bureaucrats are able to control all the american citizens. i think there ought to be term limits. if they do not do their job why don't me through all of them out and appoint somebody? they are the ones that get the point slip. the epa is pushing along. they have this right here just a few miles from me. every bit of pork barrel spending...
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Dec 28, 2012
12/12
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not even talking about state income-tax. pays for the costs of the paul in come tax with a decade. have students are nontraditional students. the half our traditional, they have a typical -- you have 10- years to pay back for the cost of the grant and 30 years of profits. is a 13%. they will all turn up not as much of federal government, but there is so the federal return to government. wises up thinking about this as a purely benefit to the student but a benefit also to the government decides financial's -- there are goods that go from 5 to education with the it is healthier, more civic -- warlock the to vote. but of good as some from a college education. we should be putting the highest priority and of the lowest possible priority. the states, the first place they cut is there or to government. we get what we sow and we think about or read our society to be in a few hundred years. not cutting the one thing that is a real embarrassment into the future. " a the thing i should say, i am sure that mark has a few things to add to, i will give you examples of a parent loan situation. i
not even talking about state income-tax. pays for the costs of the paul in come tax with a decade. have students are nontraditional students. the half our traditional, they have a typical -- you have 10- years to pay back for the cost of the grant and 30 years of profits. is a 13%. they will all turn up not as much of federal government, but there is so the federal return to government. wises up thinking about this as a purely benefit to the student but a benefit also to the government decides...
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Dec 27, 2012
12/12
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the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are before the end of the year when everybody's tax go up. >> we heard from senator reid earlier today. they were dealing, in his words, with a dictatorship. are we expected to hear from him or any of the players from the hill in terms of trying to move this forward, whether it's publicly, in the public arena or privately? >> we are. we're told we should expect to hear from the senate republican leader mitch mcconnell. the senate is in and he will likely take to the floor we're told and give a status report from his perspective. what we're talking about right now in the senate is whether or not the democrats
the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are...
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Dec 25, 2012
12/12
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with now, there are circumstances where you raise taxes. ronald reagan, you have in your are kentucky -- are give the great video. my feet are in concrete he said and being reagan, he could get away with going to the press conference one morning and saying, the sound you're hearing, is concrete breaking. because as governor, he concluded in order meet the state's requirement he no choice. but it never cost much. he was totally unfront and honest. he went to the people of california and said look here is where we are. it's a bigger mess than we thought. i can't fix it any other way. ic we have to do this. he did that after create agency -- nobody thought ronald reagan was raising taxes to create a bigger government. they thought if he needed it, it must be serious. what we have today is no innovation. no reform, no new thinking, no creativity, no hearings on waste. no hearings of better ways of doings things. you live until the age of the ipad and the iphone, and of google and a facebook and twitter, and you're faced with a federal governmen
with now, there are circumstances where you raise taxes. ronald reagan, you have in your are kentucky -- are give the great video. my feet are in concrete he said and being reagan, he could get away with going to the press conference one morning and saying, the sound you're hearing, is concrete breaking. because as governor, he concluded in order meet the state's requirement he no choice. but it never cost much. he was totally unfront and honest. he went to the people of california and said...
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Dec 27, 2012
12/12
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that is why the bush tax cuts are about to expire. the same is true of the so- called the sequester. it is an across-the-board cut of $1.20 trillion focused on domestic spending, it was put in place to provide leverage to the special committee that was supposed to resolve these matters and it was supposed to be the sword of damocles that if they did not reach an agreement to sequester would drop and there would be an across-the-board cut. no distinctions, no prioritization. just cut across the board. and guess what? the special committee could not reach an agreement on an overall fiscal plan. so this sword of damocles is about to drop and put into place a policy no one thought was a good one. >> what is congress' role in this? >> i opposed it. i said this was going to lead to trouble. i laid out where i thought it would ultimately leave us, and he we are. here we are. somebody said to me today, don't you sometimes feel like, i told you so? it doesn't do any good. i wish alan greenspan would have listened to my advise what i said to hi
that is why the bush tax cuts are about to expire. the same is true of the so- called the sequester. it is an across-the-board cut of $1.20 trillion focused on domestic spending, it was put in place to provide leverage to the special committee that was supposed to resolve these matters and it was supposed to be the sword of damocles that if they did not reach an agreement to sequester would drop and there would be an across-the-board cut. no distinctions, no prioritization. just cut across the...
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Dec 28, 2012
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-- on taxes? we are three days away from getting taxes raised. guest: we have seen a couple stories in recent days about the tea party influence in these talks or lack of influencing the talks. this is one of those tricky issues. a conversation is all about the deficit. the problem is how aggressive will they go after the deficit and what mix of spending cuts and tax increases will be part of the negotiations? it is a wait-and-see approach. whatever decision is made will annoy some interest groups, whether it aid charities or the housing industry or teachers, but the party. we will see some swift reaction. at this point, it's hard to know what to protest, because the deal is in flux and has fallen apart so many times. host: let another scenario on the table. a recent agreement on the fiscal cliff, another big issue will be raising the debt limit their there's also the issue of immigration,, the president wants to bring up in his state of the union. and the issue of maybe an assault weapon ban that could, and congress. some big ticket items. how i
-- on taxes? we are three days away from getting taxes raised. guest: we have seen a couple stories in recent days about the tea party influence in these talks or lack of influencing the talks. this is one of those tricky issues. a conversation is all about the deficit. the problem is how aggressive will they go after the deficit and what mix of spending cuts and tax increases will be part of the negotiations? it is a wait-and-see approach. whatever decision is made will annoy some interest...
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Dec 26, 2012
12/12
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no taxes? no deals, no compromises. no nothing. period. this is the wall that those of the tea party have raised up. they can't vote for what they campaigned against, spending money on government. and that's "hardball" for now. thanks for being with us. "politics nation" with al sharpton starts right now. >> tonight, in new york city, welcome to "politics nation" second annual revvie awards. it's the best and the worst in politics, 2012. look, all the big stars are on the red carpet. donald trump is in the unreality show category. paul ryan's pumped and ready to go. what's with the hat there? >> and what's an awards show without this guy. he survived a really rough year and he's looking just great tonight. the evening is about to get started. so take a seat before clint eastwood yells at it. sit back and enjoy the show. without further adieu, ladies and gentlemen, please welcome your master of ceremonies and the host of "politics nation," the reverend al sharpton. >> good evening. and welcome to "the revvie awards." i'm al sharpton and the
no taxes? no deals, no compromises. no nothing. period. this is the wall that those of the tea party have raised up. they can't vote for what they campaigned against, spending money on government. and that's "hardball" for now. thanks for being with us. "politics nation" with al sharpton starts right now. >> tonight, in new york city, welcome to "politics nation" second annual revvie awards. it's the best and the worst in politics, 2012. look, all the big...
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Dec 23, 2012
12/12
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hasn't paid any taxes for ten years. let me him that he has paid taxes, because he hasn't. >> now reid said he got his information from a former bane investor. without any further explanation, he was awarded the maximum number of pinocchios. also u.n. ambassador susan rice has come to terms with the circumstances that led her to take her own name of of the running for secretary of state. her opening line, quite, my talking points for this evening have been provided to me and fully cleared by the intelligence community. how could this possibly go wrong? believe it or not, things took a turn for the palin later on in her speech. quote, day after day, i engage in highly substantive, highly technical negotiations with my colleagues here at the u.n. like the russians. as a matter of fact, i can see the russian mission from my house. >>> finally, did you think the holidays would come and go without seeing president obama singing "deck the halls." not so. he is back in the game. ♪ deck the halls with bows of holly ♪ ♪ fa-
hasn't paid any taxes for ten years. let me him that he has paid taxes, because he hasn't. >> now reid said he got his information from a former bane investor. without any further explanation, he was awarded the maximum number of pinocchios. also u.n. ambassador susan rice has come to terms with the circumstances that led her to take her own name of of the running for secretary of state. her opening line, quite, my talking points for this evening have been provided to me and fully cleared...
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Dec 30, 2012
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the tax increase of george h.w. bush which i think was a disaster and a fundamental mistake, and when we balanced the budget for four straight years, the only time in your lifetime, we did it by cutting taxes to accelerate economic growth. so i clearly represent a different view. [applause] but i have no problem if somebody wants to break their no-tax pledge. if they are prepared to go home and explain it. but this idea that they're creating this posturing, several senators have said i'm not afraid of grover norquist. well, i just want to put in the record here i've known grover for years, i'm not afraid of grover norquist. they didn't give their pledge to grover norquist. they gave their pledge to the voters of their state. ms. now, there are circumstances where you raise taxes. ronald reagan, you have in your archives this great video. reagan campaigned at one point and said my feet are in concrete. and being reagan, he could get away with going to the press conference one morning and saying the sound you're heari
the tax increase of george h.w. bush which i think was a disaster and a fundamental mistake, and when we balanced the budget for four straight years, the only time in your lifetime, we did it by cutting taxes to accelerate economic growth. so i clearly represent a different view. [applause] but i have no problem if somebody wants to break their no-tax pledge. if they are prepared to go home and explain it. but this idea that they're creating this posturing, several senators have said i'm not...
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Dec 29, 2012
12/12
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my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation will be and lay in tax returns, people use that for down payment when would they get that to put a down payment on a car, right. >> people think i don't have the money. maybe i don't want to maintain my existing car. we hope that is the case. nine out of 10 cars have something wrong with them on the road. if you don't do the basic maintenance that may be only way to keep your job to get your family to where they want to go. that is all dollars and cents. adam: in new york, nine out of tense cars the big problem is the driver in the other car. >> that is all across the country. ada
my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation...
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Dec 29, 2012
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>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be seen, and the estate tax is a big sticking point, because obama wants to see it go up, and the senate republicans will insist that it stay at the current rate. >> thank you, robert costa and sam stein. we will be back in a moment. this is "hardball," the place for politics. >>> welcome back to hardball. what will a deal look like if there is one? and who is going to wind up giving up more on the tax cuts for wealthy americans? harry reid insists $250,000 is a threshold, but it may not hold. joining me now is josh green of bloomberg business week. josh, for the marke
>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be...
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Dec 26, 2012
12/12
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the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here. >> hey, ari. >> remind us where we were before plan b, how far apart were the last comprehensive offers between the president and negotiators? >> a few hundred billion dollars, which is a lot of money, sounds like a lot of money, but in the context of a ten-year budget deal when you have some very large programs that can be tweaked one way or another, is not that much. they were within shouting distance if the speaker could bring his caucus along to support the deal that he was promoting and getting close to striking with the president, but it's clear
the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here....
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Dec 26, 2012
12/12
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we have a very difficult bankruptcy tax case, nobody could say, well, you're a liberal if you want to allow the deduction by the estate, but you're a conservative if you want to require the debtor to -- i mean, it just doesn't make any sense. and most of our work concerns cases like that. but even on ones that are a little more accessible to the public generally, it's hard to pick the category. we had a case last term that hosanna to beler or case which involved the question of whether or not certain discrimination laws should be applied to religious institutions. so you could challenge the hiring or firing of a minister, for example, on the grounds that it was discriminatory. now, what's the liberal position in that? is it the view that u should extend the discrimination laws, or is it the view that you should protect the free exercise of religion to the greatest extent possible? we look at these cases and resolve them according to our best view of the law not in terms of a political or conservative agenda. now, there are ways of characterizing us that make a little bit more sense in
we have a very difficult bankruptcy tax case, nobody could say, well, you're a liberal if you want to allow the deduction by the estate, but you're a conservative if you want to require the debtor to -- i mean, it just doesn't make any sense. and most of our work concerns cases like that. but even on ones that are a little more accessible to the public generally, it's hard to pick the category. we had a case last term that hosanna to beler or case which involved the question of whether or not...
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Dec 28, 2012
12/12
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tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are two bills the house passed that are sitting in the senate. >> we ought to go over the fiscal cliff. i think we shouldn't make a deal where we're not -- we shouldn't raise taxes. we need entitlement reform, then we can talk. if there's no real entitlement reform, there's nothing we can do. democrats spend, spend, spend. now they have the bill, the fiscal cliff and they don't like the result. what are they going to do? it's time you actually put a stop -- >> we're going to have to leave it there. thank you very much. >> thank you. >> a case of extreme helicopter parents sued by their daughter for stalkin
tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are...
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Dec 30, 2012
12/12
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the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president obama says it a lot. the average family will end up spending $2,000 more if the fiscal cliff is not averted. let me show you something. you can find out how it would impact you directly by using this. there's a lot of numbers you have to plug in to make sense of it. obviously it can't be exact, it can't be precise, it can't predict the future, but i want to show you some examples we have pulled out. let's go to the graphic here that has a few of the examples we're showing you here. it would take, for example, this scenario, married with no
the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president...
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Dec 22, 2012
12/12
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the tax code. why don't we take that up. ? let's get this done. it is called legislating. that is what used to in congress. democrats may be popping champagne corks about bringing down a plan b, but all their efforts to do so yesterday was not perfect -- protect one single tax. from a massive tax hike in a few weeks. the american people are waiting. surely we can do better than this. let's do it. i yield the floor. >> a leadership time is reserved -- the majority leader. >> mr. president, if this or not such a serious situation we face or sells, it would be laughable. can you imagine saying that we should defeat a bill that we have already defeated? we voted on the proposal at the same time we voted to pass that one protecting middle class americans. that passed the senate. giving the richest tax breaks that they get, the proposal they had was about $50,000 extra for each one of them. it was defeated in the senate. my friend, and he is my friend, the republican leader is struggling to find a way to
the tax code. why don't we take that up. ? let's get this done. it is called legislating. that is what used to in congress. democrats may be popping champagne corks about bringing down a plan b, but all their efforts to do so yesterday was not perfect -- protect one single tax. from a massive tax hike in a few weeks. the american people are waiting. surely we can do better than this. let's do it. i yield the floor. >> a leadership time is reserved -- the majority leader. >> mr....
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Dec 30, 2012
12/12
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and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about competitiveness. let's detail that. low capital gains is important to our nation's competitiveness. but also, to the competitiveness of these companies that we are talking about. >> absolutely. let's say that you are a young indian or chinese entrepreneur with a science degree or engineering degree and you gradua from mit. you want to start a high-tech company. would you started in the united states, where you're getting from your company years down the road will be taxed at 30%, or would you started in china or india where the capital gains tax rate is zero? many of our major partners have zero
and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about...
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Dec 28, 2012
12/12
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and that is only one, that is one of the things. >> and some of the tax rates, the top tax rate is would go scheduled to go from 35 to 39.6% and what can folks do to insulate themes? there ways to move parts around if they're going to get hit with a higher tax bracket? >> in previous years, we talked about the tax loss harvesting. this year, it's important to harvest games i mentioned earlier. with that ordinary tax rate increasing like that, a lot of investors love dividend yield paying stock and this year in 2012, those dividend-paying stocks, the investor was paying taxes at the rate of 15% and that is going to increase to 39.6% and if they're subject to the surtax, they're paying 3 times as much taxes on that dividend. >> and with three days left, there is a lot of stuff for folks to go over before the deadline. gordon, we appreciate you joining us tonight. >> thank you, tom. >>> we have a winter weather advisory and that is looking identical and not for the city right now of d.c. and not for fairfax county. minutegomery county, rockville, frederick county and some communities around
and that is only one, that is one of the things. >> and some of the tax rates, the top tax rate is would go scheduled to go from 35 to 39.6% and what can folks do to insulate themes? there ways to move parts around if they're going to get hit with a higher tax bracket? >> in previous years, we talked about the tax loss harvesting. this year, it's important to harvest games i mentioned earlier. with that ordinary tax rate increasing like that, a lot of investors love dividend yield...
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Dec 30, 2012
12/12
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we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i don't think we have a concern, maybe i shouldn't stay quite that way, the house seems to be the clear focus on whether or not republicans can muster the votes needed. what is going to happen? >> a lot depends on the nature of the agree weren't, remember on the speakers a plan b, he had over 200 republican votes are, it is not as if he doesn't have an awfully strong hand to play. if it's a deal that john boehner can accept, then frankly, i think it will be passed in a bipartisan manner with a very strong majority. if, on the other hand, he is either neutral or not favorable, then his chances are going to be
we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i...
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Dec 30, 2012
12/12
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because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the subchapter s corporation. i think it would have a very significant effect. the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his j
because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the...
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Dec 29, 2012
12/12
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our guest is joseph rosenberg with the tax policy center, followed by a discussion on
our guest is joseph rosenberg with the tax policy center, followed by a discussion on
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Dec 23, 2012
12/12
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snow across the panhandle of taxes and oklahoma. snow in oklahoma and we'll watch this potentially be a major weather maker wednesday and thursday across the northeast. so if you've -- pretty good travel conditions to get to your destination for christmas. getting home from christmas might be a different story wednesday and thursday from this storm. >> weather 8, how many of these fancy map things do you have? >> not enough. let me tell you, but we've got five different systems we run the maps on and sometimes the wrong one gets plugged in. >> i see you studying this stuff all the time. thanks a lot. >>> the clock ticking down. can you believe it's nine days until spending cuts and tax hikes kick in for all of us? the president is standing firm on fiscal cliff negotiations and so much is at stake. why can't both sides reach a compromise? >> charlie, how are you? >> fine, good to be with you. >> great to have you here. good morning. look, they don't seem closer. everybody says they're compromising. i'm curious, do you feel from the p
snow across the panhandle of taxes and oklahoma. snow in oklahoma and we'll watch this potentially be a major weather maker wednesday and thursday across the northeast. so if you've -- pretty good travel conditions to get to your destination for christmas. getting home from christmas might be a different story wednesday and thursday from this storm. >> weather 8, how many of these fancy map things do you have? >> not enough. let me tell you, but we've got five different systems we...
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Dec 28, 2012
12/12
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we're at the point in four days every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening, if they act right now. i just will a good and constructive discussion about how to prevent this tax hike on the middle class. i'm optimistic we may be able to reach pan agreement that will pass both houses in time. senators reid and mcchon nell are work -- mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a blase sick package for an up or down vote, one that protects the middle class from an income tax high, extends the vital lifeline of pun insured been fits and a plan for an economic growth and deficit reduction. >> that was president obama talking with four days left in
we're at the point in four days every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening, if they act right now. i just will a good and constructive discussion about how to prevent this tax hike on the middle class. i'm...
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Dec 30, 2012
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, tax reform and tax incentives for charitable giving. back to the phones. jack in michigan, on our line for independence. go ahead, jack. caller: i want to ask mr. rosenberg if he has ever heard of lincoln electric in cleveland, ohio. host: and why did he wanted to know that? caller: well, they wrote a book, james f. lincoln wrote a book, a new approach to industrial economics where they have no unions. everybody is responsible for their own work. they do peace work. everybody's responsible. everybody has a lifetime job. they get huge pieces of the pie. and ownership is -- the people, the workers, everybody owns the piece of the pie. host: what does this have to do with the fiscal cliff? caller: well, if more -- if more people -- if more industries would go to that, they wouldn't fall off the cliff. everybody would go to work. host: mr. rosenberg? guest: so i haven't heard of that but it sounds like a great place to be and live. i would have to get the name of that again. host: next up is don on the washington redskins. -- "washington jo
, tax reform and tax incentives for charitable giving. back to the phones. jack in michigan, on our line for independence. go ahead, jack. caller: i want to ask mr. rosenberg if he has ever heard of lincoln electric in cleveland, ohio. host: and why did he wanted to know that? caller: well, they wrote a book, james f. lincoln wrote a book, a new approach to industrial economics where they have no unions. everybody is responsible for their own work. they do peace work. everybody's responsible....
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Dec 29, 2012
12/12
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people dumped tax returns, pictures of old lovers and anything that wreaks of 2012. a giant shredder, a dumpster and a rubber mallet were on hand to help people complete their mission. the event really is to say good- bye to past worries and fears. >>> a california -- california fans of the 1950s, '60s and '70s have a new way to show it, on cars. the dmv will start selling replica license plate designs from those years and the plates aren't just for classic car owners. they can be ordered for any type of vehicle. >> you can have it on your prius, you can have it on your -- you know, your new camaro. you can have it on anything, right? >> that's cool. a new way for california to make money. the legacy license plates cost $50 whether you personalize them or not. they're available to preorder starting on january 1st. i like that good riddance day. >> you know, the first car i ever bought, my '64mgb which we used on "eye on the bay," i had it in high school and it still has the first license plates. >> really. >> it came with it. i didn't buy it when it was new. i just s
people dumped tax returns, pictures of old lovers and anything that wreaks of 2012. a giant shredder, a dumpster and a rubber mallet were on hand to help people complete their mission. the event really is to say good- bye to past worries and fears. >>> a california -- california fans of the 1950s, '60s and '70s have a new way to show it, on cars. the dmv will start selling replica license plate designs from those years and the plates aren't just for classic car owners. they can be...
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Dec 23, 2012
12/12
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they would raise taxes on 11 million middle-class tax payers. there is silence, stone hearted silence on 2 million unemployed workers looking for work who would lose their insurance immediately on december 29. silence on the 27%. in a deeply cynical move, so cynical, the republicans have decided to offer another bill to put off some of the sequester. they pay for it how? deep and ugly cuts impacting seniors, kids. the republicans are tying themselves into knots. in doing so, they are tying into knots the chances for our nation not going over the cliff. vote no on these bills that take us backward, that undercut trust, that increase the chances of going over the fiscal cliff. this is not a plan. this is a ploy. >> i would like to inquire of my friend how many speakers she has remaining. it looks like a couple. i will reserve the balance of my time. >> i would be happy to tell you. four. >> the gem and reserves. >> thank you. three minutes right now. the gentleman from massachusetts. >> recognize for three minutes. >> thank you for the time. just
they would raise taxes on 11 million middle-class tax payers. there is silence, stone hearted silence on 2 million unemployed workers looking for work who would lose their insurance immediately on december 29. silence on the 27%. in a deeply cynical move, so cynical, the republicans have decided to offer another bill to put off some of the sequester. they pay for it how? deep and ugly cuts impacting seniors, kids. the republicans are tying themselves into knots. in doing so, they are tying into...
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Dec 30, 2012
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about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president. it's clear that the democrats are saying that the president is the one who won't -- you know, who doesn't want to put up a counteroffer. so we'll see. >> changes by the hour. >> candy crowley, thank you as always, we'll be in touch. >> all eyes continue to be in washington as the cliff gets closer, the president insists 0 a tax hike for the rich. but the republicans won't budge. something has got to give. a.b. stoddard weighs in. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and
about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president....
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Dec 29, 2012
12/12
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democrats will say they need that much in taxes, too. and because they've already raised rates, they got those middle class tax cuts extended, and the rich ones expired, they'll be open to do hitting through tax reform, which will be easier for republicans to swallow. let's say they do get the one to one match. that will be an $800 billion tax increase for a $1.4 trillion revenue increase in total. so democrats could easily end up when all of this is said and done with more revenue than president obama was asking for a week ago. and it will happen if it happens, because over and over and over and over again, john boehner and the house republicans could not take yes for an answer. they had to say no to this president. so they kept delaying until they were weaker. they pushed negotiations from 2011 where they were very strong, until 2012, right after the president had won re-election, and now they're pushing to to 13, after the fiscal cliff hits and they get blamed. it is an odd way to negotiate. to get one republican view on what will com
democrats will say they need that much in taxes, too. and because they've already raised rates, they got those middle class tax cuts extended, and the rich ones expired, they'll be open to do hitting through tax reform, which will be easier for republicans to swallow. let's say they do get the one to one match. that will be an $800 billion tax increase for a $1.4 trillion revenue increase in total. so democrats could easily end up when all of this is said and done with more revenue than...
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Dec 30, 2012
12/12
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FBC
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we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growthof economy and entrepreneurship and high-technology industries. gerri: so what if we compare favorably with a lot of developed countries out there -- what would be the practical effect? >> it will slow the flow of venture capital and investment for high-technology companies. if you think about every major high-tech company like apple or microsoft or ebay or amazon, they were all nurtured by high income people putting money in early on to these startup companies. we dramatically cut the capital gains ta rate from 4
we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just...
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Dec 29, 2012
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taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in th
taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any...